美国投行预估韩国两大存储芯片企业在2025年的利润大幅度增长，一家增长2.5倍，另一家增长2.2倍， 这也扭转了韩国最大手机企业的利润下跌趋势，可以韩国芯片这次是赢麻了！ 韩国两大存储芯片企业预估在2025年赚取的利润高达300多万亿韩元，约合人民币大约1.4万亿元，这样 的利润比中国最大的科技企业一年的营业收入还要高出四分之三，更相当于那家科技企业的净利润的20 多倍！ 存储芯片的大幅涨价还对手机、PC等行业产生了负面影响，据估计今年中国手机的内存容量很可能大 幅下降，中低端手机甚至可能大范围将内存降低到4GB左右，这与过去这两年中低端手机已开始普及 12GB内存可谓背道而驰，只是这些中低端手机售价在千元左右，在如今内存价格暴涨之下已难以提供 成本高出许多的大容量内存了。 2025年韩国存储芯片的利润猛涨，在于存储芯片价格的大涨，其中DRAM内存的价格更是倍速增长， 16GB内存条从年初的400元人民币涨至1000元人民币，上涨了1.5倍！ 内存芯片的价格猛涨主要推手在于AI芯片需要的HBM芯片抢走了内存芯片的产能，由于美韩的内存芯 片产能大量转去生产利润更高的HBM芯片而削减了DRAM内存芯片的产能，导致 ...

Core Viewpoint - The company, Hu Silicon Industry, anticipates a significant loss in net profit for the fiscal year 2025, projecting a loss between -1.53 billion to -1.28 billion yuan, which represents an increase in losses compared to the previous year [1] Industry Overview - The global semiconductor market is expected to reach a size of 772 billion dollars in 2025, reflecting a growth of 22.5% year-on-year, driven primarily by AI applications and data center infrastructure demand, while consumer electronics and industrial electronics remain weak [1] - In the silicon wafer sector, global semiconductor silicon wafer shipment area is projected to grow by approximately 5.4% year-on-year in 2025, with 300mm wafers benefiting from advanced processes and AI chip demand, while 200mm and below wafers are expected to decline by about 3% due to weak demand [2] Company Performance - Hu Silicon Industry's sales of 300mm silicon wafers increased by over 25% compared to the same period in 2024, but revenue growth was limited to about 15% due to competitive pricing pressures [2] - The company is currently in a capacity ramp-up phase for its expansion projects, which is affecting short-term profitability but is expected to support long-term sustainable development through investments in high-spec and specialized products [3] - The company has faced challenges with its subsidiaries, Okmetic OY and Shanghai Xin'ao Technology Co., Ltd., which primarily deal with 200mm and below silicon wafers, leading to performance below expectations and potential goodwill impairment [3] Strategic Focus - The company aims to continue focusing on 300mm silicon wafer technology advancements and accelerate the development of high-end silicon-based materials through ongoing projects [4] - The completion of recent financing efforts is expected to inject new momentum into the company's technological breakthroughs, capacity enhancement, and market expansion [4]

Group 1 - In 2025, over 11,000 bank branches will be approved for closure, resulting in a net decrease of more than 2,000 branches, indicating an acceleration in digital transformation and optimization of physical banking channels [2] - SK Hynix announced an investment of 19 trillion KRW in its advanced packaging factory in Cheongju, South Korea, aiming to enhance production efficiency, with construction expected to start in April 2026 and completion by the end of 2027 [3] - The Ministry of Industry and Information Technology will focus on promoting the large-scale application of humanoid robots and health monitoring devices in various settings, emphasizing technological empowerment in the elderly care sector [4] Group 2 - Citigroup plans to lay off approximately 1,000 employees as part of a broader strategy to reduce 20,000 jobs by the end of 2026, reflecting adjustments to align workforce and skills with current business needs and technological advancements [5] - Ctrip clarified that a recent message about a mass layoff was a mistake, confirming that there is no plan for a full staff departure [6] - The U.S. Defense Secretary announced that Elon Musk's AI chatbot "Grok" will be integrated into the Pentagon's systems, alongside Google's generative AI, to enhance military operations [7] Group 3 - The launch of a 4,199 RMB bottle of Moutai sold out immediately on the iMoutai app, indicating strong demand for premium products [8] - Shanghai has introduced measures to optimize auto loan processes, including relaxing application conditions and determining reasonable loan issuance ratios, terms, and interest rates to stimulate consumption [9] - Apple responded to rumors regarding Google taking over iPhone control, clarifying that there has been no transfer of control over Siri or Apple Intelligence to Google [10] Group 4 - Lianchuang Electronics has begun supplying optical products to the robotics sector, although the industry is still in its early stages with relatively low sales [11] - DeepSeek published a new paper on conditional memory for large language models, co-authored with Peking University, contributing to advancements in AI research [12]

关联个股： 寒武纪-U（688256）、海光信息（688041）、中芯国际（688981）、中微公司（688012）、金山办公 （688111）、澜起科技（688008）、百利天恒（688506）、联影医疗（688271）、影石创新 （688775）、拓荆科技（688072） 科创板定位清晰，主要服务于半导体、生物医药、高端装备等关键领域的创新企业。投资科创综指，等 同于投资中国科技突破和国产化替代前沿。面对外部环境变化，科技自主可控已成为国家发展的重中之 重。尤其在AI芯片、半导体设备等领域，国产化进程加速，为科创板企业带来巨大成长空间。 关联产品： 科创综指ETF鹏华（589680），联接基金（A类 023757，C类 023758，I类 024141） 早盘半导体设备股强势拉升。国内晶圆厂产能利用率回升扩产意愿强烈，AI驱动全球存储芯片行业迈 入"超级周期"阶段，叠加自主可控逻辑下国产化率提升，带动设备需求。同时，AI应用板块再度走强， 因阿里巴巴等多家厂商近期预计发布新一代大模型，AI产业催化不断，应用商业化发展空间广阔。今 日科创综指及成分股显著上涨，或受半导体设备国产化加速与AI产业链多重利好驱动 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：南财社 2026年的第一天，百度就抛出重磅消息——昆仑芯已通过保密形式向香港联交所递交上市申请。成为互 联网大厂中首个拆分芯片业务，单独上市的公司。 值得一提的是，去年年底以来，国产GPU扎堆上市，引爆市场情绪。百度披露昆仑芯上市消息后，港股 GPU第一股壁仞科技也正式在港交所挂牌，随后，天数智芯也在一周后挂牌港交所。另一边，小鹏汇 天、强脑科技等科技企业也在近日传出秘密赴港上市的消息。 在这波赴港上市潮中，百度昆仑芯的上市，多多少少有点赶时间的意味了。 01 靴子落地 事实上，早在百度公告前，百度打算拆分昆仑芯上市的消息，就已经开始在市场上流出。 去年11月中旬，市场便发现昆仑芯在公开招聘投融资律师岗位，职责涵盖IPO全流程管理、监管文件协 助等，间接释放出增在筹备上市的信号。 但当时并未引起市场的过多关注，直到12月初，随着摩尔线程的上市引爆国产芯片市场，昆仑芯拆分上 市的消息也重新引起市场的注意，引爆百度股价。 随后百度就发布公告承认，正在对昆仑芯独立上市进行评估。 另一边，工商信息也显示，昆仑芯在12月中旬完成了关键的工商 ...

我国脑机接口技术进入临床试验，为广大患者带来了福音。6月，中国科学院联合复旦大学附属华山医 院，与相关企业合作，成功开展我国首例侵入式脑机接口前瞻性临床试验，标志着我国成为全球第二个 侵入式脑机接口技术进入临床试验阶段的国家。 …… 新兴产业的赛道生态持续优化，迸发出新的活力。在商业航天领域，2025年见证了火箭发射成本的进一 步降低和发射频率的显著提升。卫星互联网星座建设进入密集组网阶段，遥感数据服务商业化应用场景 不断拓宽。低空经济真正"飞"入寻常百姓家，电动垂直起降航空器在特定区域开始试点运行，无人机物 流、城市空中交通从概念走向初步实践。生物医药领域，基因编辑、细胞治疗等前沿技术加速转化，人 工智能辅助药物研发大幅提升了靶点发现和化合物筛选的效率，针对重大慢性病和罕见病的创新药陆续 上市。 延续了2024年AI应用的火热，2025年，AI助手、AI搜索引擎、AI创作等各类AI应用层出不穷，AI PC、 AI手机、AI眼镜等AI硬件也呈现井喷趋势。依靠大模型在自然语言处理和多模态等能力上的进步，AI 越来越深入到人们的生活、工作和学习当中。 在聚变能源赛道，中国也迈出了实质性步伐。这一年，中国"人造太阳 ...

Core Viewpoint - The electronic and semiconductor industry is currently performing outstandingly in the dual mainline market of technology and cycles, with the global semiconductor cycle showing over nine consecutive quarters of year-on-year positive growth since Q1 2023, demonstrating unprecedented structural depth and resilience in capital expenditure [1] Industry Summary - The current semiconductor cycle, driven by GPU and generative AI, surpasses previous cycles led by consumer electronics in both duration and intensity [1] - Communication equipment, such as optical communication, benefits from the expansion of AI computing power, data center growth, and the electronic upgrade of smart vehicles, showing a structural increase in demand similar to the 5G base station construction period of 2019-2020 [1] - The core driving factor in the industry is ΔG (marginal change in profit growth), with no significant turning point observed, indicating that the AI hardware sector is likely to maintain its strength in a favorable valuation environment [1] - The commercialization of AI applications is accelerating under the resonance of policy, demand, ecology, and capital, with improvements in domestic large model capabilities driving scenario realization, although caution is advised regarding the risk of growth rate shifts due to high base effects [1] Company Summary - The Integrated Circuit ETF (159546) tracks the Integrated Circuit Index (932087), which selects listed companies involved in integrated circuit design, manufacturing, packaging, testing, and related materials and equipment to reflect the overall performance of the integrated circuit industry [1] - This index features high technical content and growth characteristics, effectively representing the development status of China's integrated circuit industry [1]

Group 1 - The core stock price of Cambrian has decreased by 2.18% to 1477.01 CNY per share, with a total market capitalization of 622.83 billion CNY as of January 13 [1] - Cambrian's stock has increased by 8.96% year-to-date, with a 6.79% rise over the last five trading days, 9.90% over the last twenty days, and 18.38% over the last sixty days [2] - The company primarily focuses on the research, design, and sales of AI core chips for various cloud servers, edge computing devices, and terminal devices, with 99.62% of its revenue coming from cloud products [2] Group 2 - As of September 30, 2025, Cambrian's revenue reached 4.607 billion CNY, representing a year-on-year growth of 2386.38%, while the net profit attributable to shareholders was 1.605 billion CNY, up 321.49% [2] - The number of shareholders increased by 52.13% to 62,000, while the average circulating shares per person decreased by 34.13% to 6,748 shares [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 12.0035 million shares, and several ETFs that have reduced their holdings [3]

中经记者 谭伦 北京报道 又一家A股半导体公司完成港股上市。 2026年1月12日，豪威集团（00501.HK）正式登陆港交所主板，发行价为每股104.80港元，开盘后股价 一度达到每股109.60港元，对应市值突破1370亿港元。 图像传感器巨头崛起 回顾豪威集团的历史，也是中国半导体企业从本土崛起、逐步走向全球的缩影——其前身豪威科技 （OmniVision）成立于 1995 年，曾是纳斯达克上市的全球 CMOS 图像传感器（CIS）商业化进程中的 先行者之一。而今日豪威集团的核心人物——虞仁荣，则于 2007 年在上海创立了韦尔股份。 2019年，韦尔股份完成了被称为"蛇吞象"的经典收购，以约150亿元人民币的价格将豪威科技收入囊 中。通过这场并购，韦尔股份也实现了从电子元器件分销商向全球高端半导体设计公司的转型。2025 年，公司更名为"豪威集团"。 经过二十余年，豪威集团已成长为全球第九大Fabless半导体公司，在图像传感器领域占据核心地位。据 弗若斯特沙利文数据，按2024年收入计，豪威集团是全球第三大数字图像传感器供应商、第三大智能手 机CIS（CMOS图像传感器）供应商，在汽车 CIS 市场 ...

日前，英伟达一下子解密了六颗芯片，引起了全球轰动。但其实早在去年年底，就有一则重磅消息在 AI芯片圈炸响：推理芯片初创公司 Groq 宣布，已与英伟达达成一项"非独家许可协议"。公告只有寥寥 数语，但随之而来的信息却迅速改变了这笔交易的分量——Groq 创始人兼 CEO Jonathan Ross、总裁 Sunny Madra 以及多名核心成员，将一并加入英伟达，参与授权技术的推进与规模化。 如果只看形式，这并不是一次收购；如果只看结果，它却几乎具备了收购的全部要素。技术被许可，团 队被吸纳，关键人物离场，Groq 虽然名义上继续运营，但其最具决定性的资产——技术路线与灵魂人 物——已然转移。这是一种典型的"收购式招聘"，也是英伟达近年来愈发娴熟的一种操作方式：在不触 碰监管红线的前提下，把潜在威胁纳入自己的体系之中。 更重要的是，这一步发生在一个极其敏感的时间点。AI 芯片的竞争，正在从"训练为王"转向"推理决 胜"。英伟达的 GPU 依旧牢牢统治着训练市场，但在推理端，AMD、定制 ASIC、云厂商自研芯片正在 快速逼近，成本与供应链多元化成为大客户最现实的诉求。Groq 的 LPU 正是为推理而生，主打 ...